{
  "url": "https://openlegislation.uk/building-societies-designated-capital-resources-amendment-order-1996/note",
  "json_url": "https://openlegislation.uk/building-societies-designated-capital-resources-amendment-order-1996/note.json",
  "legislation": "uksi/1996/2989",
  "legislation_title": "The Building Societies (Designated Capital Resources) (Amendment) Order 1996",
  "legislation_url": "https://openlegislation.uk/building-societies-designated-capital-resources-amendment-order-1996",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThis Order amends the Building Societies (Designated Capital Resources) Order 1992 (the Principal Order) which specifies that various resources of a building society may be treated as capital resources aggregable with reserves for the purpose of the first criterion of prudent management (maintenance of adequate reserves and other designated capital resources) under section 45(3) of the Building Societies Act 1986.\nThe Principal Order specifies that one of the resources which may be aggregated with reserves is internally audited interim profit. Internally audited interim profit of a society is the amount of any profit for the period since the latest balance sheet of the society shown in the accounting records of the society for the time being where the directors of the society have resolved that they are satisfied that such profit has been verified by internal audit. This Order removes internally audited interim profit from the categories of resource which may be aggregated with reserves for the aforementioned purpose.\nA compliance cost assessment of the effect that this instrument would have on the cost of business is available from the Secretary, Building Societies Commission, 15 Great Marlborough Street, London W1V 2LL.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/2989/note",
    "retrieved_at": "2026-10-29T12:31:18.031205+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}